GOT MY MUG ON ONE SIDE AND MY WUMP ON THE OTHER. economic and political issues

Archive for the ‘Economics’ Category

Jack Cashill is a writer who writes for the american thinker. He has been on a mission to show why he thinks that Ayers wrote most of Obama’s book. It is interesting….very. He has recently been posting more on this and I just wanted to put up some links to read:

Do you remember being a kid and collecting a handful of pennies to shove in your itty bitty pocket and how it was the coolest! And how many times did you carefully take it out of your pocket to count it again and again and again? “I got six pennies! Six!(or as most kids call them ‘monies’).” Now, in 2008, reaching in your pocket and coming up with six pennies is hardly a time to shout with glee. The exciting discovery that was shouted out now becomes a question…”Six pennies?…That’s it?” But what makes this even matter? Why couldn’t I be just as excited to have a handful of buttons…I have a ton of those (not kidding….I really do). The reason is simple, money is our form of exchange. The more there is to exchange the more one gets in return. This is what drives the thinkers, doers, inventors, laborers, etc….This is what makes our society work. Alan Greenspan defines it cleary here:

The existence of such a commodity is a precondition of a division of labor economy. If men did not have some commodity of objective value which was generally acceptable as money, they would have to resort to primitive barter or be forced to live on self-sufficient farms and forgo the inestimable advantages of specialization. If men had no means to store value, i.e., to save, neither long-range planning nor exchange would be possible.

Whether the single medium is gold, silver, seashells, cattle, or tobacco is optional, depending on the context and development of a given economy. In fact, all have been employed, at various times, as media of exchange.

And ironically the article also goes on to explain loans and banking. It is exactly what is going on now with our economic crisis and banking bailouts. (I bolded the important part):

Even though the units of exchange (the dollar, the pound, the franc, etc.) differ from country to country, when all are defined in terms of gold the economies of the different countries act as one-so long as there are no restraints on trade or on the movement of capital. Credit, interest rates, and prices tend to follow similar patterns in all countries. For example, if banks in one country extend credit too liberally, interest rates in that country will tend to fall, inducing depositors to shift their gold to higher-interest paying banks in other countries. This will immediately cause a shortage of bank reserves in the “easy money” country, inducing tighter credit standards and a return to competitively higher interest rates again.

Wait……..yep, that is what is ruining our economy this very day. This doesn’t make Greenspan a psychic predictor of our future, it doesn’t make him a really good guesser….No, it is a fact that when money is used to a liberal degree the economic balance becomes unstable and falls. Seeing the truth in economics is one of the reasons I consider myself a “mug.”

That is a question on my mind. I did not vote for Obama for I strongly believe that what he campaigned, his plans, if they are carried out, are not the best for our economy. I hope he proves me wrong. I have being researching politics for only a few months now and have realized is is a passion I never thought I would be so involved in. In trying to answer the question of who should be our next president I read lots of articles, watched the news, read everything I could possibly click on the internet(well….maybe not everything….internet is a little big), But I have realized that trying to argue your point with people in terms of what is being said by all the candidates and why you believe one over the other can get annoying. Topics and issues get picked apart, religious and partisan views get put in along with stories overheard from our parents or what we actually experience ourselves. It is hard to not be biased and just get straight to the facts.

Is it possible to make things clear?

I have decided to go back to basic economics. First, I want to talk about how scarcity does not only mean something America does NOT have because we as consumers as used it all(selfish Americans – sorry I had to throw a liberal statement in here somewhere it is only the day after the election), but how it is also a requirement for any success in the future. Does it make our country insufficient and poor, or does scarcity represent a source to make our country successful and fortunate? There have economists like Oscar Lange and Milton Friedman who have studied the subject with very different views. A quote from

Basic Economics written by Thomas Sowell states:

“The methods used by a Marxist economist like Oscar Lange did not differ in any fundamental way from the methods used by a conservative economist like Milton Friedman(p 6).”

To be continued……(I need dinner ya’ll)

As much as I am hesitant to use the word Marxist, knowing that many will put up a wall and may not even read anymore due to the lack of maturity or ignorance, or just the lack of interest in economics in general; it is a quote that I felt needed to be stated to let you, the reader know that it is not a word pulled from my own “opinion”. Again this reconfirms why I am looking at economics to try and explain what works and what doesn’t. Because economics is not an “opinion” , it is the facts and outcomes of certain acts or, “lack of,” determining the answer by looking at all angles.

Are You A MUG or A WUMP???
Mugwump - A term originally coined for those who were “on the fence” when it came to politics. This blog redefines the word based on my own collaboration and what I think the word MugWump should mean. A political term representing both sides of the fence.
I consider myself both a “mug” and a “wump”. A “supply sided” economic thinker with broad-minded generosity. So, are you just a "mug" or just a "wump", or a "MugWump."
"I GOT MY 'MUG' ON ONE SIDE AND MY'WUMP' ON THE OTHER."